Area Real Estate Sales Jump in October

After a decline in area real estate sales activity in September, sales took flight in October posting significant gains from one year ago.

 MLS® sales activity reported by the Georgian Triangle Association of REALTORS® (GTAR) saw unit sales jump 23% in October while dollar revenue increased 39%. Of particular note was a sharp increase in some of the upper price segments of our market which for the most part have seen softer demand in 2012 versus 2011. Sales between $500,000 to $599,900, totaled 15 units in October compared to just 3 in

 October 2011, a five-fold increase. Similarly, sales between $800,000 to
$899,999 totaled 4 units as compared to

just 1 in October 2011.
Year-to-date MLS® unit sales now reflect an increase of 10% over 2011 with 1,737 sales reported this year versus 1,586 in the first 10 months of 2011. Year-to-date MLS® dollar revenue totals $510.7 million compared to $466.4 million last year an increase of 9%. As frequently pointed out in the past, these sales do not for the most part include new home and condominium sales made to consumers directly by developers. One only needs to see the ongoing activity and success of developments such as Creekside and Georgian Meadows in Collingwood for example in addition to increased MLS® resale activity to fully appreciate the strong demand for area property.

  Sales activity will no doubt soften through November and December as we head into the upcoming holiday period however once the ski and snowboard season arrives the recreational portion of the market is bound to see an increase in sales activity. In my next posting I will review sales by area throughout the region.